Trade Ministry launches 2025-30 e-commerce strategy

THE Ministry of Trade and Industry has launched Trinidad and Tobago’s national e-commerce strategy for 2025-2030, marking a transformative step in building a robust digital environment and reshaping the way business is conducted.

Speaking at the launch on March 26, Trade Minister Paula Gopee-Scoon said the new strategy builds on the country’s 2017-2021 e-commerce framework and is the first of its kind in the Caribbean.

She said since the pandemic, there has been a significant rise in micro-, small- and medium-sized enterprises (MSMEs) adopting e-commerce.

Additionally, the region has seen a surge in online shopping adoption according to a recent study by the UN Conference on Trade and Development (UNCTAD 15).

This trend, Gopee-Scoon said, is expected to continue with several initiatives contributing to the growth of e-commerce, such as the increased gateway payment options by local banks.

One such initiative highlighted is the introduction of visa debit cards, which allow consumers to make online purchases in TT’s local currency, simplifying the online shopping experience and promoting the use of local e-commerce platforms.

She said the government remains committed to keeping TT at the forefront of the evolving digital and e-commerce landscape.

"The launch of the national strategy aims to propel the country into 2027 and also complements the e-commerce strategy by promoting entrepreneurship and sustainable economic growth," Gopee-Scoon said.

Global e-commerce is projected to reach $5.8 trillion in 2023, with developing economies experiencing the fastest growth.

By 2027, the global digital economy is expected to exceed $20 trillion, according to the World Economic Forum.

The Trade Ministry in collaboration with UNCTAD, worked for 12 months to develop the national e-commerce strategy.

"This framework aims to drive innovation, empower businesses, enhance consumer access and create a more inclusive, globally competitive economy," Gopee-Scoon said. "The strategy was developed using the findings of an E-Trade Readiness Assessment, which analysed seven key policy areas essential for the growth of e-commerce."

These include digital infrastructure, ICT sector strength, high mobile phone penetration, internet access, transport infrastructure and supportive policies for e-payments.

The overarching vision of the strategy is to foster widespread e-commerce adoption, enabling businesses to expand their reach to both domestic and international markets while improving sales and purchasing efficiency.

"Consumers will benefit from increased access to a diverse range of merchants and products, with a focus on enhancing legal and regulatory frameworks, such as electronic contracts, data protection and consumer rights."

Gopee-Scoon said the strategy also emphasises developing e-commerce awareness and skills across all sectors, ensuring businesses, citizens and the private sector are equipped to benefit from the digital economy.

She said the government is focused on supporting MSMEs by improving e-commerce adoption, making it a key source of income for all sectors.

"Investments in improving the delivery of goods, particularly to rural areas, and reducing packaging costs for MSMEs are also a priority," Gopee-Scoon stressed.

Through this strategy, the government aims to fuel a wave of entrepreneurship and innovation, creating new opportunities for MSMEs to scale their businesses both locally and globally.

"The government has already supported the growth of SMEs by distributing 415 grants worth $27.2 million under various grant facilities."

While having a policy is essential, Gopee-Scoon said effective implementation is key to ensuring TT does not fall behind.

"The government will be installing a National E-Commerce Committee, co-chaired by the permanent secretaries of the Ministry of Trade and Industry and the Ministry of Digital Transformation. This committee will help oversee the strategy’s implementation, and a development partners meeting is scheduled to discuss available assistance."

Gopee-Scoon said on March 27, UNCTAD will conduct E-Trade Reform Tracker training, a platform developed to help national e-commerce committees monitor and co-ordinate the implementation of the strategy.

Members of the National E-Commerce Committee also received their letters of appointment.

The committee includes:

Randall Karim – permanent secretary of the Ministry of Trade (co-chair)

Cory Belfon – permanent secretary of the Ministry of Digital Transformation (co-chair)

Dr Dorian Noel – deputy governor of the Central Bank TT

Denise Chadee Ramsawak – programme manager at the Ministry of Finance

Shanaz Mohammed – manager of cashless economy and financial inclusion at the TT International Financial Centre

Stuart Franco – CEO of TSL Group and president of Amcham TT

Vashti Guyadeen – CEO of TT Chamber

Ilanka Manrique – research officer at TTMA